PureCars has new ownership.
The company, which provides marketing automation and business intelligence software for the car industry, said Tuesday that Diversis Capital and Stage 1 Ventures are new strategic investors.
This purchase by Diversis and Stage 1 is part of PureCars' spinoff from Raycom Media, which has merged with Gray Television.
“Over a decade ago, I founded PureCars to solve mass deficiencies within automotive and help dealers sell more cars. Since day one, we’ve stayed true to that mission by building best in class tech, and having a fantastic team around it, which allowed us to become the industry leader,” PureCars executive chairman Jeremy Anspach said in a news release.
“I’m excited about this new chapter and our new owner’s commitment to providing PureCars with the financial support to innovate even faster and pursue key strategic acquisitions to enhance our product and our dealers sell and service more cars by using PureCars.”
PureCars was purchased by Raycom Media back in October 2015.
Then in June 2018, Gray Television’s purchase of Raycom was announced, a deal that was ultimately completed in January. Gray said in a Jan. 2 news release announcing the completion of the acquisition that “immediately prior to the Gray/Raycom closing, Raycom completed the spin-offs to its shareholders of two of its wholly owned subsidiaries, CNHI, LLC and PureCars Automotive, LLC.”
“The new ownership is great for PureCars as it allows us to accelerate our advancement in product, technology, data, and our insatiable commitment to customer service excellence,” PureCars chief executive officer Samuel Mylrea said in Tuesday's news release annoucing the new ownership.
“We are driven by the tremendous opportunity for our data and technology platform to help dealers improve operations, customer acquisition, retention, and ultimately drive more customer lifetime value and profitability,” Mylrea said. “I believe Diversis and Stage 1 Ventures will help us fully realize this opportunity faster.”
Stage 1 was the first institutional investor in the company, leading a 2012 round. It was also part of the 2015 Raycom purchase. PureCars was founded in 2007.
“It was a pleasure partnering with PureCars previously and I’m excited for the opportunity to work with them again after they’ve undergone so much growth,” Stage 1 Ventures managing director David Baum said in the PureCars news release.
“We’re eager to work with their outstanding leadership team to accelerate growth through best-in-class technology solutions and unrivaled customer service,” Baum said.
Diversis managing director Kevin Ma said: ““We’ve spent a lot of time looking at technology-driven solutions in the automotive space.
“PureCars not only stood out because of their market-leading technology platform, but also the management team’s dedication and passion for solving the mass deficiencies in the industry,” he said. “After surveying the market landscape and spending time with customers, acquiring PureCars was a really easy decision for us.”
PureCars said growth capital from the two strategic investors will be used for continued product expansion, which will be done through internal development and acquisitions.
Providing dealers with marketing automation and business intelligence software will remain the focus for PureCars, the company said.